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LINE ITEM VETO: A policy intended to address the efficiency caused by legislative logrolling by giving executive officers who have veto authority over legislation (Presidents, Governors, Mayors), the ability to veto specific sections of a legislative act rather than the entire act. With a standard veto, the executive vetoes the entire piece of legislation. With line item veto, the executive can veto only parts of the legislation while signing the rest of it into law. While a line item veto is likely to reduce logrolling, it effectively gives the executive officer more power and authority.
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Lesson 5: Demand | Unit 1: Buying Basics
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Page: 2 of 20
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More we need to consider about demand. First the demand price. Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good. - The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
- Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
- The maximum demand price is based on the fact of economic life that people prefer more to less.
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INEFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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AMW
Average Monthly Wage
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